Neo Corp International Ltd has announced that a meeting of the Board of Directors of the Company will be held on May 18, 2009, inter alia, to consider and approve the allotment of fully paid 2,92,898 (Two Lacs Ninety Two Thousand Eight Hundred Ninety Eight) 3% Cumulative Convertible Preference Shares with face value of Rs 10/- each and 58/- as premium.